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sunny88
Participant[quote=SD Realtor]Yes short sales are a test of your patience. ESPECIALLY right now. Look right now we are in a rally mode. The stock market is rallying, and the housing market is more active then at anytime in the past 3 years. In my judgement we are not near a bottom in either of those entities however trying to tread water against those currents is something that I do not recommend. You also have sellers who are still very very short sighted.
As far as the short sale goes you need to just fire and forget. You make the offer on the short sale, you hope for the best, but you should not invest in it emotionally because more often then not you get a negative result. Will you get a better deal? Sometimes yes and sometimes no.
You have to ask yourself, “What am I looking for?” If you are just looking for a good deal, then eventually you will find it. The law of averages will catch up right? Submit 20 offers and one out of those 20 should come through if you are competitive with the rest of the market. The main problem is that now you are seeing other buyers pay what do not, or will not pay. So don’t fight it, just sit out and let time pass. If you are looking for a home that you really love, then maybe approach it differently and be prepared, (in this current market) to pay more.
The problem with buying a house because it is a “a bargain” is that it is only a bargain at that point in time. It will not be a bargain in the future if the market continues to go down. It doesn’t matter if it is a short sale or not.
Try not to get burned out… taking a break from it all never hurts either.
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Your advice is very well taken. Our agent told us that the property is really worth more than the current asking price (which we doubt) and asked us to raise our offer. We decided to take a break and look elsewhere and change the agent…
Participant[quote=SD Realtor]Yes short sales are a test of your patience. ESPECIALLY right now. Look right now we are in a rally mode. The stock market is rallying, and the housing market is more active then at anytime in the past 3 years. In my judgement we are not near a bottom in either of those entities however trying to tread water against those currents is something that I do not recommend. You also have sellers who are still very very short sighted.
As far as the short sale goes you need to just fire and forget. You make the offer on the short sale, you hope for the best, but you should not invest in it emotionally because more often then not you get a negative result. Will you get a better deal? Sometimes yes and sometimes no.
You have to ask yourself, “What am I looking for?” If you are just looking for a good deal, then eventually you will find it. The law of averages will catch up right? Submit 20 offers and one out of those 20 should come through if you are competitive with the rest of the market. The main problem is that now you are seeing other buyers pay what do not, or will not pay. So don’t fight it, just sit out and let time pass. If you are looking for a home that you really love, then maybe approach it differently and be prepared, (in this current market) to pay more.
The problem with buying a house because it is a “a bargain” is that it is only a bargain at that point in time. It will not be a bargain in the future if the market continues to go down. It doesn’t matter if it is a short sale or not.
Try not to get burned out… taking a break from it all never hurts either.
[/quote]
Your advice is very well taken. Our agent told us that the property is really worth more than the current asking price (which we doubt) and asked us to raise our offer. We decided to take a break and look elsewhere and change the agent…
ParticipantSD Realtor,
Thank you for your response. It is indeed very frustrating to go through this process. One of the problems is the lack of transparency and communication. It seems like it’s almost not worth making an offer for a short sale as the “asking price” is not that low and the entire procedure is so lengthy. I just wonder how many short sales end up as a “bargain” for the buyer?
ParticipantSD Realtor,
Thank you for your response. It is indeed very frustrating to go through this process. One of the problems is the lack of transparency and communication. It seems like it’s almost not worth making an offer for a short sale as the “asking price” is not that low and the entire procedure is so lengthy. I just wonder how many short sales end up as a “bargain” for the buyer?
ParticipantSD Realtor,
Thank you for your response. It is indeed very frustrating to go through this process. One of the problems is the lack of transparency and communication. It seems like it’s almost not worth making an offer for a short sale as the “asking price” is not that low and the entire procedure is so lengthy. I just wonder how many short sales end up as a “bargain” for the buyer?
ParticipantSD Realtor,
Thank you for your response. It is indeed very frustrating to go through this process. One of the problems is the lack of transparency and communication. It seems like it’s almost not worth making an offer for a short sale as the “asking price” is not that low and the entire procedure is so lengthy. I just wonder how many short sales end up as a “bargain” for the buyer?
ParticipantSD Realtor,
Thank you for your response. It is indeed very frustrating to go through this process. One of the problems is the lack of transparency and communication. It seems like it’s almost not worth making an offer for a short sale as the “asking price” is not that low and the entire procedure is so lengthy. I just wonder how many short sales end up as a “bargain” for the buyer?
ParticipantAbout 4 months ago we submitted an offer for a short sale approximately 10% less than the asking price. The agent told us that one offer was eventually accepted at the asking price. 3 weeks ago we learned that the deal fell through because the seller would have to come up with $20k to cover the difference between the proceeds and his mortgage. 3 people who submitted lower offers previously were not willing to buy the property due to various reasons. I was told that our offer was too low to be considered even though it is only 10% lower than the asking price. Has anybody else seen this before?
ParticipantAbout 4 months ago we submitted an offer for a short sale approximately 10% less than the asking price. The agent told us that one offer was eventually accepted at the asking price. 3 weeks ago we learned that the deal fell through because the seller would have to come up with $20k to cover the difference between the proceeds and his mortgage. 3 people who submitted lower offers previously were not willing to buy the property due to various reasons. I was told that our offer was too low to be considered even though it is only 10% lower than the asking price. Has anybody else seen this before?
ParticipantAbout 4 months ago we submitted an offer for a short sale approximately 10% less than the asking price. The agent told us that one offer was eventually accepted at the asking price. 3 weeks ago we learned that the deal fell through because the seller would have to come up with $20k to cover the difference between the proceeds and his mortgage. 3 people who submitted lower offers previously were not willing to buy the property due to various reasons. I was told that our offer was too low to be considered even though it is only 10% lower than the asking price. Has anybody else seen this before?
ParticipantAbout 4 months ago we submitted an offer for a short sale approximately 10% less than the asking price. The agent told us that one offer was eventually accepted at the asking price. 3 weeks ago we learned that the deal fell through because the seller would have to come up with $20k to cover the difference between the proceeds and his mortgage. 3 people who submitted lower offers previously were not willing to buy the property due to various reasons. I was told that our offer was too low to be considered even though it is only 10% lower than the asking price. Has anybody else seen this before?
ParticipantAbout 4 months ago we submitted an offer for a short sale approximately 10% less than the asking price. The agent told us that one offer was eventually accepted at the asking price. 3 weeks ago we learned that the deal fell through because the seller would have to come up with $20k to cover the difference between the proceeds and his mortgage. 3 people who submitted lower offers previously were not willing to buy the property due to various reasons. I was told that our offer was too low to be considered even though it is only 10% lower than the asking price. Has anybody else seen this before?
Participant[quote=DataAgent]12735 Fairbrook is probably a real nice house. It was completely burned down in 2003. A new custom 3200 sq ft house in that area would be a steal for less than $700K.
[/quote]I doubt that you’ll ever get such a steal. The homes in that area go for about $800k min. now. Zillow.com lists the value of this home at around $779k.
Participant[quote=DataAgent]12735 Fairbrook is probably a real nice house. It was completely burned down in 2003. A new custom 3200 sq ft house in that area would be a steal for less than $700K.
[/quote]I doubt that you’ll ever get such a steal. The homes in that area go for about $800k min. now. Zillow.com lists the value of this home at around $779k.
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